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Best Personal Loans For People With Bad Credit

by Jim ONeil on March 10, 2011

in Bad Credit History

When a person with bad credit has an emergency cash need, payday loans and student loans are the best personal loans to obtain. Neither involves a credit check and both enable money to be conveniently deposited into a checking account. Individuals with poor credit should learn more about these no credit check loans because these may one day come in handy.

Payday loans are temporary cash advances that can be applied for online. Generally, a person can borrow up to $1,500 in this manner. Applicants must have a monthly income of at least $1,000, be currently employed, have a checking account, and be a UK citizen older than 18. The application form will request all the information needed to make a loan decision, including bank and employment details.

The two main types of student loans are Unsubsidized and Subsidized loans. To apply for either, an individual must currently be enrolled at an accredited college or university that receives funding from the government education agency. Often, loan qualification depends on the financial status of the student or the parent, if the student is a dependent.

Money received from payday loans is often deposited into the checking account within 24 hours. Student loan money is paid via a refund check that new students receive within 30 days or within at least two weeks for current students. In both cases, the money must be repaid upon graduation.

If an individual qualifies for both of these no credit check loans, it will be necessary to determine which of the loans APR is the lowest. Finding the loans cheapest to repay means less burden on the individual who is already financially strapped. Payday loans provide quick turnaround but these loans apr may be higher than for a student loan. Adequate research will ensure the best deal.

Shahid Gautam

In my opinion most carry high interest rates and most companies are predatory, avoid them people. You get stuck in a cycle of never being able to pay it off because the interest builds so quickly.

The worst ones are the car title loans and payday loans.

Organism69

I blame the greedy ceo's of major banks who lent out way too many loans to get a bigger bonus. greed/gluttony is one of the seven deadly sins and the perps which get whats coming to them

Kirazafbx

Government Personal Loans For Debt Consolidation

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